By Tim Maudsley
Below is a KTVA article that highlights the spate of commercial copper thefts around Anchorage, fueled mostly by the lure of quick cash. Despite the possibly of great bodily harm, thieves are stealing copper to then sell quickly at local scrap dealers. From an insurance perspective, the theft of copper from a building could be problematic for the policyholder. Most commercial insurance policies contain limitations on coverage for theft related to precious metals, jewelry, gold and related materials. A common coverage limitation is $2,500, and based on the example in the article below, $12,500 of the $15,000 loss may not be covered. It is important for business owners to discuss this limitation with their agent, as coverage exceptions can be made, as well as having the option to increase the limit of coverage for such losses. Finding out about this limitation after a loss is not a recommended risk management approach.